Financial regulations

[jow104]

I want to bring some Australian cash with me when I enter Australia in October and open an Australian bank account.

The reason being to avoid credit card charges of 2.75% on foreign transactions charged by British credit card companies on overseas use.

I have fired off emails to australian embassy; no replies
Commonwealth Bank of australia, no reply.

Dose anyone know the maximum amount of Australian cash that can be brought in by a Pomme?


Can a non resident opn a bank account?

Or does anyone know of a website with this info?

[Greg Q]

You can bring in $10,000 in cash without declaring it. See:

http://www.customs.gov.au/site/page.cfm?u=4724

Cheers

Greg

[chrisp]

The "Border Security" program on Australian Channel 7 said you can bring in as much cash as you like - but you need to declare it if it is over the equilivent of AU$10,000. If you don't declare it, apparently you can lose the lot.:eek:

Bring in heaps - we can use it!

[Termite]

Find either an Australian bank in England or an English bank that has a branch out here or a reciprocal arrangement with an Aussie bank. Tell them what you want to do, far safer than carrying loads of cash.
This is the sort of arrangement I was able to set up between Australia and the Philippines nearly thirty years ago, so I'm sure things are even better now.

[jmk89]

Whne I lived in the uK the best bank to deal with for this sort of thing was Clydesdale or Yorkshire - they are both owned by National Australia Bank.

[HappyHammer]

Jow,

Have you spoken to your bank about the use of ATM cards in Australia, you might find we use a couple of the same systems as in the UK or that they are linked in some way. You'll still pay fees but not likely to be 2.75%. If you have a trusted friend in Oz you can electronically transfer the money directly into thier bank account in increments of no more than $10,000 to avoid customs and they can withdraw cash when you arrive, alternatively they can setup an ATM only account in thier name and give you the card and pin number when you arrive, you can then transfer money electronically into this account. I say ATM only as this protects them from you racking up a huge bill on credit although I'm sure you're too honest for that.:D :D

HH.

[jow104]

Thanks to all for those answers I needed in less than 55 minuites.
Thats the power of ubeaut and the internet.


Now how about me getting an unsecured loan of around $20000? :D :rolleyes: ;) :D

[Auld Bassoon]

Whne I lived in the uK the best bank to deal with for this sort of thing was Clydesdale or Yorkshire - they are both owned by National Australia Bank.

Didn't the NAb get out of those a year or two back?

[ozwinner]

Now how about me getting an unsecured loan of around $20000? :D :rolleyes: ;) :D

No worrys ol son, just send $30000 in unused note to me and Ill see what I can do.

Al :p

[Sturdee]

John,


There is no limit on the amount of actual cash you can bring in with you but if over $10K you must declare it. No problems if you do, but the details of the cash brought in are advised to the ATO and Federal police in case you are involved with illegal activities. BTW all cash deposits or cash withdrawels of $ 10K from banks are also advised to the ATO and the Federal police for that same purpose. Failure to properly declare could mean confiscation, but usually means a hefty fine and the excess confiscated.


Whilst the idea of sending the money to a trusted friend sounds good, it would be better for you to send same to a bank for payment to you, upon appropriate identification, when you arrive or for the bank to open an account in your name.

For you to have an account you will require to satisfy ATO regulations regarding identity, namely prove your ID to the value of 100 points. Usually this involves drivers licence (or passport) together with a letter of bank introduction or other photo id. Even current bills with your address adds to the score.

Having worked in a bank in their overseas department many, many years ago I would recommend that you open your Aussie bank account through your own bank. They can arrange it all, open the account, transfer the money meaning no risk carrying large amounts and issue a letter of introduction for you.


Peter.

[jow104]

Thanks Peter, I will have to check with my English bank (Lloydstsb) the last time I spoke to them they said they did not have an Australian banking service. That is why I put the question up. Fortunately there is plenty of time to make other arrangements if necessary.

[Sturdee]

Thanks Peter, I will have to check with my English bank (Lloydstsb) the last time I spoke to them they said they did not have an Australian banking service. That is why I put the question up. Fortunately there is plenty of time to make other arrangements if necessary.

John,

They don't have an Australian banking service BUT they will have correspondent/agency arrangement with most of the major Australian banks. If your banks are the same as ours ( overcharging with fees and understaffing with knowledgeable employees) you may have to talk to someone higher than your local branch staff. Maybe an area manager or their overseas expert.

When I was working in the bank, I worked for 2 years in the Melbourne Overseas departments and in fact was a signing officer for signing documents to our overseas correspondents.

We had arrangements with over 10,000 banks all over the world, ranging from such minute places on earth as the little island nations in the pacific to the UK. We could do what you want with any country in the world, even those beyond the iron or bamboo curtain, so surely in this day and age your English banks can do it too.:confused:

However if they can't I'll let you use my account.:D

Peter.

[jow104]

Again the very friendly offers are appreciated.

I suspect any interbank arrangement with England will involve a commission charge which comes back to the credit card people who want that 2.75%.

So might pursue an Australian bank account.

[Gra]

Didn't the NAb get out of those a year or two back?
No that was northern ireland and anither one from that direction, Clydesdale and yorkshire are still owned by NAB.

I should know.

Back on topic. If you have a friend here. Deposit in their account. You could try travellers cheques. Your could also open an AUD account with a bank that has branches in Australia, I wont make any actual suggestion due to a financial interest and legal complications (I work for one, you guess which). Just check out the fees on each option, also have a talk with you local branch about options, if you get a good teller they should know all the tricks (Try and get an older one, they tend to prefer to find ways of beating the fees, they dont like them either)

Good luck

[Sturdee]

I suspect any interbank arrangement with England will involve a commission charge which comes back to the credit card people who want that 2.75%.


The transfer of funds to an Australian bank will involve a small commission but if the amount is say in the range of $10K nowhere near a 2.75 % of the amount transferred.

Another aspect to consider is the exchange rate at which you can buy actual Australian currency notes from your bank. This is normally the worst rate that you can get for your bank will have to purchase the actual notes from other clients or the financial market, then hold it in reserve for the time it is sold to you and pay the costs of transferring these notes to your branch. All these costs are reflected in the exchange rate. Rather then actual notes a better way would be to buy traveller cheques.

Peter.

[Guy]

Jow
Dare i say the name CITIBANK, that is who lloyds use and i just pop into there branch heer in the city and pay my visa card that i have with Lloyds.
I guess that may be worth looking into, the other is open a CBA account, i think you have to go into there office in London.
Even better choice is the HSBC and use there cirrus card to access your funds

[johnc]

Jow,

You are going to wear a charge either way, converting Sterling to $Aud will incur a fee as will using credit cards. There are also cash cards you can load up in the UK and convert them over there and use in our hole in the wall banking here. If you convert more than you need then you will incur a fee again when you convert back doubling up by accident if you like. I'd be inclined to bring some cash, look at the cash style cards and use Visa or similar then you just get done over in three different ways, and a bit of variety is good for the soul so I'm told.

John.

[mkb]

Jow,

Having just done the move in reverse (Aus to UK) try this website; it's all you need:- http://www.ozforex.com.au/

[jow104]

So we are heading for travellers cheques then either a bank or a friend.

I will try an Australian bank in London (on the telephone).

Thanks all for the time.

Makes you think though doesn't it . per $10000 holiday money @ 2.75% = $275 charge plus exchange rate somewhere along the line.

[echnidna]

I wonder what the costs would be if you used Paypal?

[Greg Q]

I wonder what the costs would be if you used Paypal?

Exorbitant.

[ubeaut]

We have a VISA card attached to our account that only uses our money (has no credit attached to it) we can use it overseas with no extra charge and no loss of funds due to the money changers.

Pauline has used it in the UK we have both used it in US and other family members have used theirs in a number of other countries. All you need to do is make sure there are sufficient funds in your account.

Cost us less to do it this way than it did to change AU$ into US or UK and then back again. You buy at the worst figure and sell at the worst figure then most banks will slug you a fee on top of that.

Hope this is of some help.

Cheers - Neil :)

[Greg Q]

Sounds good. Who's that with, if you don't mind me asking?

[jow104]

Thanks Neil, another avenue I shall explore.
Like all things nothing seems free though. Take the money out of a savings account for 6 months @ 5% per ann. means a loss of 2 1/2% for those 6 months;)
I have heard of these type of c.c.accounts in the USA but never seen any blurb in the UK.

[Sturdee]

We have a VISA card attached to our account that only uses our money (has no credit attached to it) we can use it overseas with no extra charge and no loss of funds due to the money changers.


My daughter has a similar Visa card through the Police Credit Union. No annual fees but it uses your own money. If no money in the account then the transaction is denied.

I believe the ANZ has started one as well but they charge $ 5 per month ( ? ) for such card, which is more than their annual charge for a credit card. Must make sense to them but I fail to see the wisdom of paying more for using your own money rather than theirs.:confused:


Peter.

[Termite]

I've had one with St George for 2 years now.

[mkb]

We have a VISA card attached to our account that only uses our money (has no credit attached to it) we can use it overseas with no extra charge and no loss of funds due to the money changers.


Jow, If you are with LloydsTSB then this is just a DEBIT CARD with VISA facilities, I've got one & use it in this manner when in Europe, I still think your best bet is the www.ozforex.com.au web site, as they can arrange for money transfers $10,000 minimum I think & an Australian Bank Account.

You might also try www.ing.com.au for an internet account that pays resoanable interest

HTH Mark

[jow104]

All this information from woodworkers is remarkable ;) :)

Thanks again

[bsrlee]

ING and HSBC both have a direct Australian prescence - HSBC have actual bricks-and-motar branches, ING are internet access & transfer money to an external account.

American Express are another possibility, apart from Travellers Cheques (most banks here charge $10-$20 to cash Travellers Cheques now - money grubbers).

Another possibility is to open an account with an Australian Credit Union then access the money via EFTPOS at the cashier in the local Supermarket for running funds - you can usually get $200 per transaction, just buy a packet of biscuits or a drink & get cash out, no extra charges from the Credit Union.

[echnidna]

Forget American Express, not widely accepted.
The only cards to consider are Visa or Mastercard.

[jow104]

Forget American Express, not widely accepted.
The only cards to consider are Visa or Mastercard.


Yes I have had that said to me by traders all over the place. I think AE must charge the traders a high fee for the service.

What was the info regarding travellers cheques costing $10/$20 to change. Last year I had no trouble buying an apple in Woolworths etc. with a $50 cheque and getting a nice wad of change back? :)

[TassieKiwi]

Someone has probably said this but....

Deposit cash into your credit card account

Use ATM's in Oz to get the dosh, in reasonably large amounts once a week

Check on what fees this would incur - should be f-all.

D

PS are you coming to Tassie?

[jow104]

Someone has probably said this but....

Deposit cash into your credit card account

Use ATM's in Oz to get the dosh, in reasonably large amounts once a week

Check on what fees this would incur - should be f-all.

D

PS are you coming to Tassie?


Tassie? Is it far to swim across?;)

Hopefully this time, a trip over to Tasmania might be a possibility because we are in Oz. for 6 months, and the locals might chuck me off the big island.

[ptc]

Tassy is a must.
you can come on the ferry and bring your own car ex Melbourne.
Drive on Drive Off.

[jow104]

Tassy is a must.
you can come on the ferry and bring your own car ex Melbourne.
Drive on Drive Off.


I expect the car hire company will exclude that option, I had to beg them to give me NSW and SA on the deal I'm getting.

[jow104]

Putting a credit card into credit is not an option regarding our UK cards. It's a service which is not available. So its back to TC or an Australian bank account.

[Toolin Around]

Check with the CC company and see if you can carry a credit on your account and what fees would be charged if you did. I did that the first time I came down here and was only charged a small fee for cash advances, other wise I would be calling other CC companies and see of they have the same bull#### interest charge.

[jow104]

As mentioned above the English CC company wont let me have a credit card in credit ( I expect it has got something to do with money laundering)

So

I've got a new 12 month interest free credit credit card on purchases (in fact two:D :D )and the 2.75% foreign transaction charge will balanced out by my savings account credits !!!!!!!!!!?????????????. Hows Zat.

Then pehaps I can get a 12 month interest free transfer next year!

[Ashore]

Have checked with my ( english) son in law he was able to open a bank account here in Australia, on a visit prior to emigrating out with his passport and international drivers licence.

I have always found the best way when europe was to draw money from a savings account linked to my visa, usually in $1000 lots as I was only charged $4 per withdrawall and exchanged at that days bank rate , much better than anywear else, I am sure the same would apply in reverse.

Rgds
Russell

[jow104]

Yes Ashore, I am expecting to get a bank account for some cash purposes that will be needed.

[jow104]

Went into the HSBC today and they wanted to give me around $5000 if I opened an account:D ;)
And then said I can draw cash fee free from "Cirrus/Maestro" cash machines in Australia.

Are these machines a common feature in Victoria?

(Two more banks like that and my holiday is paid for:D )

[Greg Q]

Cirrus machines are-that's Westpac, which is everywhere. i think Maestro is used by one of the other majors. You'll have no probs. I travel globally with my Cirrus network card without having to plan ahead-they're everywhere.

greg

[echnidna]

Commonweath Bank is Maestro